Wells Fargo & Company MN lifted its holdings in shares of Vonage Holdings Corp. (NYSE:VG) by 20.8% during the third quarter, Holdings Channel reports. The fund owned 474,112 shares of the technology company’s stock after purchasing an additional 81,710 shares during the quarter. Wells Fargo & Company MN’s holdings in Vonage were worth $3,859,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently bought and sold shares of the stock. Cadence Capital Management LLC grew its position in Vonage by 5.1% in the 3rd quarter. Cadence Capital Management LLC now owns 173,712 shares of the technology company’s stock valued at $1,414,000 after buying an additional 8,403 shares during the last quarter. Trexquant Investment LP purchased a new position in Vonage in the 3rd quarter valued at $255,000. Legal & General Group Plc grew its position in Vonage by 467.3% in the 3rd quarter. Legal & General Group Plc now owns 413,908 shares of the technology company’s stock valued at $3,370,000 after buying an additional 340,944 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Vonage by 1,110.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 282,177 shares of the technology company’s stock valued at $2,321,000 after buying an additional 258,861 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in Vonage by 74.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 158,230 shares of the technology company’s stock valued at $1,288,000 after buying an additional 67,700 shares during the last quarter. Hedge funds and other institutional investors own 83.99% of the company’s stock.
A number of research firms recently weighed in on VG. Zacks Investment Research upgraded shares of Vonage from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Saturday. Robert W. Baird reissued a “buy” rating and issued a $11.00 target price on shares of Vonage in a report on Wednesday, January 3rd. Needham & Company LLC reissued a “buy” rating and issued a $9.50 target price on shares of Vonage in a report on Wednesday, September 27th. Craig Hallum reissued a “buy” rating and issued a $11.00 target price (up previously from $10.00) on shares of Vonage in a report on Tuesday, November 7th. Finally, Oppenheimer raised their target price on Vonage from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Vonage currently has a consensus rating of “Buy” and a consensus price target of $10.30.
Vonage (NYSE:VG) last released its earnings results on Tuesday, November 7th. The technology company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. Vonage had a return on equity of 11.47% and a net margin of 2.14%. The company had revenue of $253.10 million during the quarter, compared to the consensus estimate of $249.02 million. During the same quarter last year, the company earned $0.09 earnings per share. Vonage’s quarterly revenue was up 1.9% compared to the same quarter last year. equities research analysts expect that Vonage Holdings Corp. will post 0.28 EPS for the current year.
In other news, insider Edward M. Gilvar sold 17,778 shares of Vonage stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $9.76, for a total transaction of $173,513.28. Following the completion of the transaction, the insider now owns 29,199 shares of the company’s stock, valued at approximately $284,982.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Citron sold 414,916 shares of Vonage stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $10.18, for a total value of $4,223,844.88. Following the transaction, the director now directly owns 10,676,047 shares of the company’s stock, valued at approximately $108,682,158.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,677,429 shares of company stock valued at $15,273,575 in the last ninety days. Corporate insiders own 14.05% of the company’s stock.
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Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. For business services customers, the Company provides cloud-based unified communications as a service (UCaaS) solutions, consisting of integrated voice, text, video, data, collaboration, and mobile applications over its scalable session initiation protocol (SIP) based voice over Internet protocol (VoIP) network.
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